59% of baby boomers worry more about running out of money than dying — but many still aren’t retirement-ready. Here’s how to make up ground

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If you’ve put off planning for retirement until midlife, you’re far from alone.

According to the Allianz Center for the Future of Retirement, 62% of Americans say they are not saving as much for retirement as they would like.

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Concerned older woman with black-frame glasses.

What’s more, 59% of baby boomers say they fear running out of money more than they fear death. Even so, 40% say it is difficult to focus on retirement-saving goals, and 56% say they do not have a written financial plan.

A Vanguard report found that just 40% of Gen X and baby boomer workers were on track for retirement.

For people who are starting late, reaching a sufficient nest egg can feel overwhelming. Americans also increasingly view the retirement “magic number” as $1.46 million, up from $200,000 before, according to a Northwestern Mutual report. That figure is likely to keep rising.

Still, even if you are behind where you hoped to be by now, there are steps you can take. Here are six ways to catch up faster.

1. Automatically invest what you can

You do not have to set aside large sums all at once to move toward retirement readiness. Even small weekly contributions can matter if they are invested wisely.

Start small and stay consistent

With Acorns, purchases made with your credit or debit card are rounded up to the nearest dollar, and the extra amount is invested in a diversified portfolio of ETFs managed by experts at firms such as Vanguard and BlackRock.

For example, if you buy a doughnut for $2.30, Acorns rounds the total to $3.00 and invests the 70-cent difference. Small daily round-ups can add up to roughly $900 a year before any market gains are included.

Even $3 invested each week into a diversified ETF portfolio can grow significantly over 20 years. At an average annual return of 8%, that could become nearly $50,000 in additional retirement savings.

Plus, new sign-ups may qualify for a $20 bonus investment.

2. Increase your retirement contributions

If your employer offers a 401(k) match, make sure you are taking full advantage of it. You can also try raising your contributions whenever you get a raise or bonus.

If you want additional retirement options beyond traditional stocks, you may want to explore precious metals.

Save for retirement with inflation-resistant gold

A gold IRA is one way to build retirement savings with an asset often viewed as a hedge against inflation.

With Goldco, you can open a gold IRA and invest in physical gold and other precious metals while still receiving the tax advantages associated with an IRA.

With a minimum purchase of $10,000, Goldco includes free shipping and access to a library of retirement resources. The company also offers up to 10% of qualified purchases in free silver.

If you want to see whether this type of investment fits your portfolio, you can request a free gold and silver information guide.

3. Get more from the savings you already have

Americans saved just 4.1% of their disposable personal income in one recent month, based on Bureau of Economic Analysis data.

And a CNBC Select and Dynata Banking Behaviors Survey found that 82% of Americans are not using high-yield savings accounts.

That means many people may be missing out on meaningful monthly growth from compound interest.

Use a high-yield account

Make sure your money is working for you in the background and earning a competitive rate.

A high-yield account such as a Wealthfront Cash Account can be a useful place to keep uninvested cash while still maintaining easy access when needed.

The Wealthfront Cash Account currently offers a base rate APY of 3.55% through program banks. With a new client boost and direct deposit incentive, referred clients can earn up to 4.55% APY.

That is 10 times the national deposit savings rate, according to the FDIC.

With no minimum balance or account fees, plus 24/7 withdrawals and free domestic wire transfers, the money stays accessible. You may also be eligible for up to $8 million in FDIC insurance through program banks.

4. Look for additional sources of cash

Home values remain elevated, which means your house may be able to do more for you through its equity. The average homeowner has about $310,000 in equity, according to Cotality.

Using home equity can help cover surprise expenses, pay for a major project such as a renovation, or supplement retirement income.

Access your home’s value with a reverse mortgage

One option is a reverse mortgage.

If you are at least 62 and, depending on your asset mix, it may make sense to consider a reverse mortgage with Longbridge.

This allows you to turn part of your home equity into cash without selling the home or making monthly loan payments. You can receive the money as a lump sum, a line of credit, or fixed monthly payments. The loan is repaid when you sell the home, move out permanently, or die.

It is not the right choice for everyone, but for late-stage savers who need extra income in retirement without liquidating investments, it can be worth understanding. Be sure you fully understand the terms before signing up.

5. Make sure the people you love are protected

If you are retired and have a dependent or partner, you may want to make sure they have money available if the worst happens.

Consider term life insurance

If you want to protect your family from unexpected expenses after your death, consider term life insurance from Ethos.

Ethos is rated “Excellent” on Trustpilot and has an A+ rating from the Better Business Bureau. The platform offers straightforward, affordable coverage for a set period, typically 10 to 30 years.

As a licensed third-party insurance administrator, Ethos works with carriers including Banner Life, TruStage Financial and Ameritas Life Insurance.

Coverage amounts range from $2,000 to $100,000, and premiums start at $9.80 a month, guaranteed for the full term.

You can get covered in about 10 minutes online or by phone, and no medical exam or blood test is required.

6. Speak with a financial advisor

If you are unsure what to do in a volatile market, it may be a good time to consult a financial advisor.

Work with a professional to build a retirement plan

According to the 2025 LIMRA Protected Lifetime Income & Planning study, 77% of consumers who worked with a financial professional felt confident they would have enough retirement income, compared with 47% of those without advice.

Research from Vanguard also suggests that working with a financial advisor can add about 3% to net returns over time. That difference can become substantial. For instance, starting with a $50,000 portfolio, professional guidance could potentially lead to more than $1.3 million in extra growth over 30 years, depending on market conditions and strategy.

Advisor.com can help connect you with licensed financial professionals in your area who can offer personalized guidance.

A financial advisor can also help estimate how many years you have left to invest before retirement and assess how comfortable you are with market swings, both of which are important when deciding on the right asset mix.

Through Advisor.com, you can schedule a free, no-obligation consultation to discuss your retirement goals and long-term financial plan.